After collecting and reviewing documentation for the filing of an STR, what should the compliance officer do with the documentation?

The compliance officer's responsibility after collecting and reviewing documentation for a Suspicious Transaction Report (STR) is to maintain the documentation in a separate file for law enforcement requests. This allows the compliance officer to ensure that all relevant information is readily accessible for potential inquiries from law enforcement or regulatory agencies. Keeping the documentation organized and easily retrievable is crucial, as these records might be necessary for investigations into the reported suspicious activity.

Maintaining a separate file for law enforcement also demonstrates the institution's commitment to compliance and its role in combating money laundering and other illicit activities. Ensuring the documentation remains secure yet accessible is vital for protecting the integrity of the compliance process, as well as respecting confidentiality and privacy standards.

In contrast to this approach, simply organizing the documentation to attach it to the filed STR may not provide the necessary accessibility for future investigations. Transferring the documentation to outside counsel could limit the compliance officer's access and oversight. Likewise, using the documentation to close the account does not address the need for proper documentation management or potential follow-up requests by law enforcement.